Vélo is a short for "vélocipède". This used to be the old word before "Bicyclette". I am from France originally and lived in Québec as well. Both words are used and are interchangeable (Vélo and Bicyclette). There is also a slang word for it "Bécane", but it can also mean "motorcycle" depending on the context. Other words may be used in other French speaking countries.. Just inquire.
Well, I'm Canadian and used to live Montréal, but now I live in Paris. TBH, I think in Quebec we use "bicyclette" more often - it was also what I was taught while learning French in Canada. Here, in France, everyone uses "vélo".
They are both totally interchangable though, and everyone will understand you. The worst you'll get is a bit of side-eye from people depending on where you are but, meh!